Business Directories

OCI reports 31pc drop in Q3 income

Cairo, November 28, 2012

Egypt's Orascom Construction Industries (OCI) reported on Wednesday a 31 percent drop in net income for the third quarter of 2012 to $126.8 million, that was near the top end of analyst forecasts.

Egypt's biggest listed company also said revenues in the quarter rose 1 percent to $1.37 billion compared to a year ago, while consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) fell 19 percent to $300.6 million.

The consensus forecast for net income for the period, based on 12 estimates, was $119.7 million. - Reuters